SYDNEY, Australia - Australian coatings company Wattyl Ltd. announced the sale of its Wasser High-Tech Coatings business, based in Kent, WA, to an investment group. Terms of the sale and other details were not announced.

Wattyl did not identify the investment firm, but the group is reported to own several North American coatings companies, including Polyval Coatings, based in Quebec; Solignum, based in Ontario; and Xymax Coatings Inc., Addison, IL.

Wasser, founded in 1988, is primarily a manufacturer of one-component, moisture-cure urethanes used in heavy-duty industrial-maintenance applications. The company was acquired by Wattyl in 1999. Wasser recently sought to diversify its product line with the "Neo" brand of industrial coatings, which includes alkyds, epoxies, enamels and urethanes.

Wattyl is reported to be the largest Australia-based coatings company, and manufactures architectural, industrial and specialty coatings.